Reps To Investigate Mass Retrenchment at CBN

Emma Bulletin
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Reps To Investigate Mass Retrenchment at CBN

The House of Representatives has passed a resolution to investigate the recent mass retrenchment at the Central Bank of Nigeria (CBN).

This motion was passed during an emergency session on Wednesday, marking 25 years of Nigeria’s unbroken democracy since May 1999.

Jonathan Gaza, a member of the House representing the Social Democratic Party (SDP) from Nasarawa, expressed concerns over the retrenchment process.

“This retrenchment, carried out without any fair hearings or panels or clear criteria, could lead to significant settlement costs for the nation. Arbitrary terminations will demoralize junior staff who are uncertain about their future,” Gaza stated.

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The House subsequently tasked the Committee on Banking Regulations to investigate the reforms at the apex bank that led to the downsizing of its staff.

In January, the Olayemi Cardoso-led CBN relocated some of its departments from Abuja to Lagos to enhance operational efficiency and reduce operating costs.

Additionally, the House was divided over the proposal to use mercenaries to combat terrorism and kidnapping in Nigeria. While some lawmakers feared it could increase insecurity, others believed it would support the efforts of security age

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